Tech Stocks Surge in Intraday Trading, Palantir and Reddit Gain Ground ahead of Earnings Reports

In intraday trading on Monday, tech stocks saw gains, with the S&P 500 tech sector up over 1% at 11:45 a.m. ET. The broader S&P 500 was also up 0.6%, and the Nasdaq rose 0.7%.

Shares of Palantir (PLTR) were on the rise as the company prepared to release its earnings report later in the day. Micron Technology (MU) shares also gained after receiving an upgrade from Baird, while Reddit (RDDT) shares surged following an increase in price target from Bank of America.

Palantir’s shares increased by over 6% to reach $24.74 in intraday trading ahead of its earnings report. Analysts are expecting to see year-over-year growth in Palantir’s earnings due to increased demand from government and commercial customers for its artificial intelligence (AI) platform. Meanwhile, Micron Technology saw a rise of 4.5% to $120 after Baird analysts upgraded the stock to “outperform” from “neutral” and raised their price target to $150 from $115, citing an “unprecedented outlook for memory” over the next 12-18 months. Additionally, Reddit shares surged by over 6% to $49.62 following Bank of America’s increase in price target to $50 from $46, which is expected to bring positive results in the social media company’s advertising and data licensing revenue for the first quarter.